ROBERT L. EHRLICH, JR., Governor

Ch. 226

(7)     Obligations issued or guaranteed by the International Bank for
Reconstruction and Development;

(8)     Obligations issued or guaranteed by the African Development Bank;

(9)     Obligations issued or guaranteed by the International Finance
Corporation; or

(10)   United States government obligations, whether invested in directly,
or in the form of securities of, or other interests in, any open-end or closed-end
management type investment company or investment trust registered under the
provisions of the federal Investment Company Act of 1940, 15 U.S.C. § 80a-1 et seq.,
if:

(i) The portfolio of the open-end or closed-end management type
investment company or investment trust is limited to direct obligations of the United ,
States government and to repurchase agreements fully collateralized by United
States government obligations; and

(ii) The open-end or closed-end management type investment
company or investment trust takes delivery of that collateral, either directly or
through an authorized custodian.

(b)     (1) In this subsection, "affiliate" has the meaning stated in 12 U.S.C. §
1841.

(2)     A trust company in its fiduciary capacity may deposit in the trust
company or in a financial institution that is an affiliate of the trust company funds
awaiting investment or distribution unless the agreement or instrument that gives
the trust company investment authority provides to the contrary.

(3)     A trust company in its fiduciary capacity may purchase bonds of the
State or of any political subdivision of the State underwritten in whole or in part by
the trust company or a financial institution that is an affiliate of the trust company
unless the agreement or instrument that gives the trust company investment
authority provides to the contrary.

(c)      (1) Subject to the provisions of paragraph (2) of this subsection, a
corporate fiduciary may invest and reinvest fiduciary funds and other funds over
which the corporate fiduciary has investment discretion in securities of, or other
interests in, a no-load open-end OR CLOSED-END management type investment
company[,] or investment trust registered under the provisions of the federal
Investment Company Act of 1940 that does not impose a contingent deferred sales
charge or distribution charge on that investment or reinvestment.

(2) The provisions of paragraph (1) of this subsection apply even if the
corporate fiduciary or an affiliate of the corporate fiduciary provides services as
investment adviser or manager, sponsor, distributor, custodian, transfer agent,
registrar, or similar related services to the investment company or investment trust
and receives reasonable compensation for those services if:

- 1977 -